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According to the main temperature indicators, Ethereum (ETH) can be undervalued at the current market price. The last undervalued ETH experienced 160% rally in October 2023.
Ether Leeum can be undervalued, and the chain indicator is suggested.
Ether Lee’s current MVRV-Z score suggests that the second largest cryptocurrency due to the total market capitalization can be undervalued at the current price. The metrics, which are used to determine whether assets are overestimated, are the lowest in 17 months.
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ETH’s low MVRV-Z score indicates that digital assets can access the local floor. In particular, when this metrics were at a similar level in October 2023, ETH increased 160%.
In the case of unidentified, the MVRV-Z score compares the difference between the market value of the asset and the realized value, evaluating the overdue or overpowering conditions. The high score represents a potential market tower, and the low score suggests the bottom possible.
Outside of October 2023, Ether Lee’s MVRV-Z score entered the green band once in December 2022 and in March 2020.
In addition, the warm chain analysis indicates that the encryption whale is accumulating the ETH quietly when expected to move significantly. According to Cryptoquant’s data, ETH inflow to the accumulation address is soaring to the highest years, surpassing the level that can be seen before the main bull runs.
The high inflow to the accumulation address suggests that institutional investors and large holders expect the price increase in ETH. This is consistent with recent analysis prediction The ETH is preparing a significant rally this year and potentially led digital assets to $ 9,000.
In addition, ETH WHALES, a wallet address of 1,000 to 10,000 ETH, has been actively accumulated since July 2024. This was consistent with the US Securities and Exchange Commission (SEC). approval The first point ETHECHECTHECTHECTHECTHERTRADED FUND (ETF).
Will ETH surprise the market?
In addition to the strong MVRV-Z score, the inflow of ETH is increasing to the accumulation address, but some other indicators suggest that ETH may be just before an amazing rally despite the dominance. Weakness emotion.
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Following the recent full back market, ETH’s weekly relative robbery index (RSI) Fell The low three years of the optimism of the imminent rally. but, increase ETH reserves for exchange can be challenged to upward momentum.
Similarly, concerns about the continuation of the Ether Leeum Foundation remain sale ETH of ETH that can contribute to price suppression. As of Prestime, ETH is trading at $ 2,268, reflecting a 3.7% increase over the last 24 hours.
The main image of Unsplash, GlassNode, Cryptoquant and TradingView.com charts